India eases rice export restrictions - Photo: REUTERS
India on September 28 gave the green light to resume exports of non-basmati white rice, as domestic inventories surge and farmers prepare to harvest the new crop in the coming weeks.
Larger rice shipments from India will boost overall global supplies, softening international rice prices as other major rice exporters such as Pakistan, Thailand and Vietnam have to cut prices, traders said.
New Delhi has set a floor price for non-basmati white rice exports at $490 per tonne, a day after India slashed its export duty on white rice to zero, following an order by the Indian government .
On September 27, India also reduced the export tax on parboiled rice from 20% to 10%.
Earlier in September, amid complaints from thousands of farmers about their rice lacking access to lucrative overseas markets such as Europe, the Middle East and the US, the Indian government also moved to remove the floor price for basmati rice exports.
India had imposed several restrictions on rice exports in 2023, amid concerns over poor monsoon rainfall caused by the El Nino weather phenomenon. These measures were extended until 2024 to stabilize domestic prices ahead of the general election in June.
Thanks to the export ban in 2023, India's domestic rice supply has increased, helping to increase the amount of rice in government warehouses.
Rice stocks at the state-run Food Corporation of India as of September 1 stood at 32.3 million tonnes, 38.6% higher than last year, giving the government ample room to ease restrictions on rice exports, Reuters reported.
Along with that, thanks to abundant monsoon rains, Indian farmers in 2024 planted rice on 41.35 million hectares, up from 40.45 million hectares in 2023 and an average of 40.1 million hectares in the past 5 years.
Source: https://tuoitre.vn/an-do-tiep-tuc-noi-xuat-khau-gao-gao-viet-co-the-phai-giam-gia-20240928210828794.htm
Comment (0)